Brent crude oil price drops by 2 per cent in 2nd week of July — ministry

AMMAN — The Energy Ministry on Monday announced the Brent crude oil price and the international average price of oil derivatives, the Jordan News Agency, Petra, reported.

According to the global indicator, Brent crude oil price witnessed a drop of 2 per cent during the second week of July compared with the first week, standing at $76.45 per barrel.

For derivatives, the price of diesel dropped by 0.62 per cent compared with the first week of this month, and recorded the lowest price last Thursday when it stood at $634.7 per tonne and the highest on Tuesday at $668.2

Also, the prices of Octane 95 decreased by 0.3 per cent with the lowest price last Thursday at $691.9 per tonne, and the highest last Tuesday at $730.3. For Octane 90, it fluctuated between $673.5 per tonne last Thursday and $721.2 per tonne on Tuesday recording no change in comparison to the first week.

Liquefied natural gas kept the same price of the first week ($566.25 per tonne), which is 1.4 per cent more than June.

The ministry began announcing the prices in international markets on a weekly basis as of July 1, aiming to acquaint citizens with the global prices’ fluctuation.

In a ministry statement carried by the Jordan News Agency, Petra, Minister of Energy and Mineral Resources Hala Zawati has said that these global prices are the basis used to calculate the local prices of oil derivatives, noting that local rates depend on the prices of oil derivatives in reference markets for the previous 30 days.

The prices of oil derivatives were not raised since May 1 despite the global increase, according to Petra.

The government’s fuel pricing committee, which convenes monthly to announce the prices, has decided to postpone the announcement of the July oil derivatives prices until the government announces its fuel pricing mechanisms, which it had pledged to share “clearly and transparently” with the public.